E-Dinar Review: EDR unit Ponzi points cryptocurrency

There is no information on the E-Dinar website indicating who owns or runs the business.

The E-Dinar website domain (“e-dinar.io”) was registered on the 7th of October 2015, with “Insider Mine” of “LP Edinar-group” as the owner. An address in Kuala Lumpur, Malaysia is also provided.

“Mass media” articles provided on the E-Dinar website are little more than spam the owner(s) of E-Dinar have uploaded to various press-release websites. The marketing videos on the website were made on the cheap, using the services of Fivver seller “Ivannicholo”.

Alexa currently estimate that 26.4% of all traffic to the E-Dinar website originates out of the US. The Russia and Ukraine aren’t far behind, providing 19.4% and 16.6% respectively.

There’s a distinct lack of information available on Insider Mine and LP Edinar-group. My thinking is that these are likely just shell companies set up in Malaysia.

Between Russia and the US, I’m leaning towards the admins of E-Dinar being based in Europe.

This is based on the abundance of E-Dinar marketing material in Russian, as well as use of the Slovakian file locker to host the E-Dinar website (albeit the link was broken at the time of publication).

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

The E-Dinar Product Line

E-Dinar has no retailable products or services, with affiliates only able to market E-Dinar affiliate membership itself.

The E-Dinar Compensation Plan

Residual commissions on this 20% monthly ROI are paid out via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates go on to recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

E-Dinar cap payable levels at seven, with commissions paid out as a percentage of the ROI received by affiliates in the unilevel team:

level 1 (personally recruited affiliates – 25%

level 2 – 20%

level 3 – 15%

level 4 – 10%

level 5 – 5

levels 6 and 7 – 2.5%

Note that the following qualifiers must be met for an E-Dinar affiliate to earn on all seven levels of their unilevel team:

level 1 – invest in at least 1 EDR

level 2 – have at least 100 EDR in your E-Dinar wallet

level 3 – maintain at least 100 EDR in your E-Dinar wallet and recruit at least 5 affiliates, each of whom have invested in at least 100 EDR

level 4 – maintain at least 100 EDR in your E-Dinar wallet and recruit at least 25 affiliates, each of whom have invested in at least 100 EDR

level 5 – maintain at least 100 EDR in your E-Dinar wallet and recruit at least 125 affiliates, each of whom have invested in at least 100 EDR

level 6 – maintain at least 100 EDR in your E-Dinar wallet and recruit at least 625 affiliates, each of whom have invested in at least 100 EDR

level 7 – maintain at least 100 EDR in your E-Dinar wallet and recruit at least 3125 affiliates, each of whom have invested in at least 100 EDR

Joining E-Dinar

Affiliate membership with E-Dinar is free, however affiliates must invest in at least 1 EDR in order to participate in the offered MLM income opportunity.

At the time of publication, EDR units have not been given a dollar value.

Conclusion

The E-Dinar website represents that EDR units are tradeable as a legitimate cryptocurrency on public exchange sites.

Ways of purchasing currency include: through the exchange websites, through the P2P Exchange or through an internal transfer to PA (all the largest and reliable world banks and EPS are represented).

The reality however is that E-Dinar is not traded on any exchange. EDR units are only tradeable through E-Dinar themselves:

Within the framework of the E-DINAR community, its own P2P E-DINAR Exchange is open.

Thus E-Dinar is a closed-loop cryptocurrency, with a value arbitrarily determined by the company itself.

Outside of 20% a month ROIs and the E-Dinar MLM business opportunity, EDR units serve no purpose.

These fundamental differences separate EDR units from a legitimate cryptocurrency and renders them nothing more than Ponzi points.

E-Dinar affiliates invest in EDR units on the promise of an advertised 20% monthly ROI – paid out in EDR points.

E-DINAR web-community partner’s cryptocurrency volume increases by 20% per month due to the algorithm programmed by developers.

Interest on the purchased E-DINAR amount is calculated daily.

Based on an EDR unit value set by E-Dinar, affiliates can sell units back to E-Dinar or trade them with other affiliates through the E-Dinar exchange.

Referral commissions offered through the unilevel team act as a recruitment incentive, as E-Dinar needs a constant influx of newly invested funds to pay out existing investors with.

The Ponzi points model sees investors in points, assigned a value by the issuer of the points – in this case E-Dinar.

Clarification on E-Dinar being a Ponzi scheme is furthermore readily available in their FAQ:

Is E-DINAR a pyramid or Ponzi scheme?

Ponzi or scheme pyramid is a fraudulent investment operation where the income is paid to the investors from their own money or the money of subsequent investors rather than from the profit earned by people leading their own business.

These schemes usually collapse on themselves when the new investments stop.

E-Dinar has no legitimate business activities, in or outside of the offered MLM business opportunity. The only source of revenue is affiliate investment, made on the promise of a 20% monthly ROI.

As with Ponzi schemes, E-Dinar will collapse once new investment stops flowing into the scheme.

The way they have it set up is the promise of 20% ROIs for two years. Basically they’re counting on the majority of investors investing and re-investing over two years.

Once the 20% monthly ROI period has expired, withdrawal requests will be filed. E-Dinar deny the requests and the anonymous admin(s) do a runner.

This one is ugly. “Nigerian” scam emails do not include broken english and gross misspellings because their authors are stupid or don’t have access to spell check, they use those errors to keep anyone with any common sense from replying to them.

The goal is an easy rip off so why waste time with people who aren’t financially brain dead?

The Iraqi Dinar is 1: the legitimate currency of the nation of Iraq and 2: a long running investment scam in the rest of the world.

The only reason to name your fake cryptocurrency E-Dinar is to tap into people who are either 1: preselected suckers or 2: people who have no idea what due diligence is or why they’d want to bother with it.

“Honorary Professor, Doctor and Academic Millionaire Mentor” Robert Thomas seems to be one of the people behind this. Please note this is not the inveterate con artist Robert Thomas of Pinellas county Florida, it’s Robert Thomas the inveterate American con artist of Kiev Ukraine.

The Kiev Post has some english language coverage in links from this page:

The other admin of this scam is Alexander Kolbasov, former Russian MMM top leader.

For some time he was MMM admin and stood right next to Mavrodi in MMM hierarchy. For a brief period in 2012, while Mavrodi was under arrest, Kolbasov took power.

After MMM-2011 collapse, Kolbasov still was a top leader, and was granted permission to start his own Ponzi cheme, which was in reality MMM side-project.

Right before first MMM-2012 collapse Kolbasov withdrew 52 million roubles from the scheme (around $2 million at the time). After that Alexander’s scheme stopped payments, so he published a blog post about Mavrodi and his participation in MMM (original post was deleted, but I can provide a copy stored on a third-party site in a follow-up comment – writing this from a smartphone while on a trip).

This resulted in termination of Kolbasov’s account in MMM directly by Mavrodi. Alexander then disappeared from the Internet for two years.

At 6 months old it has little online presence outside of questionable blogs and low quality youtube videos in Russian and Ukrainian.

This part is confusing so hopefully someone knowledgeable can help out.

The exchanges linked on the website are all foreign and you cannot find E-dinar on any US, European or widely promoted exchanges in the crypto marketplace that list hundreds of cryptocurrencies.

At the same time they openly state that it is fully controlled and that it won’t be openly traded on exchanges for 2 years (or 22 million coins mined) as they set the price and control everything. With this in mind those linked exchanges go against their own words, E-dinar own/run/control the linked exchanges?.

You cannot find any positive coverage of E-Dinar in any Crypto communities, forums, media or sub-reddits. As with Onecoin people, when they attempt to promote in Cryto communities the reception is hilarious –

bitco.in/forum/threads/e-dinar-cryptocurrency.906/

goo.gl/z4G0s9

Direct quote from the website

We are glad to inform you, that on February 6, 2016, HOLDERS CRYPTOCURRENCY SERVICE CENTER COMPANY LTD company confirmed its financial viability and was included to the State Register of G.B. № 9986651.

The company’s registered capital amounted to £ 10,000,000.00 and 5,000,000 shares were issued.

(It looks like a standard ltd company that anyone can set up and use to look good in pitches that gives an appearance of safety and compliance)

“HOLDERS CRYPTOCURRENCY SERVICE CENTER COMPANY LTD”

The officer is named Rudy, the Fiverr paid script video actor introduces himself as Rudy (not his real name).

Did Rudy commission the Fiverr gig?. E-dinar has multiple videos with the fiverr actor giving updates and using the name Rudy.

“Our friend Rudy – about the achievements of International E-Dinar community”

I see 2 years mentioned although the website states that after 22 million coins are mined they will release it into the wild, and the market will determine the price.

Currently and until that time they fix the price at $1 = 1EDR with a 20% ROI per month for doing absolutely nothing but logging in once a week and doing a few clicks.

20% each month is odd as reading previous articles regarding cryptocurrencies gives mention that crypto mining yields less for the same effort over time.

Oz: They’re just links. If you click through E-Dinar has nothing to do with the exchanges. IIRC you can only trade EDR inhouse on E-Dinar’s own exchange.

In their pitches they say we won’t allow EDR to be traded outside of the website for 2 years (22 million coins mined).

Naturally you point out that it is nothing like Bitcoin and fully controlled through their own website with no market value or trading. They come back and use the handful of foreign websites linked in an effort to show how different to Onecoin they are.

It appears these websites are not crypto exchanges/marketplaces but rather payment processors. Is this correct?

Another kicker is that they are now saying in a few weeks EDR will be listed on all major Crypto exchanges, despite the foundation of their pitch being that no such thing would happen for 2 years (22 million coins mined).

When it comes to the UK ltd company the 10 million had me scratching my head, this is specifically used in pitches to give the appearance that the company has put down a few million with the government or that it’s worth that amount (obviously bollocks). I couldn’t find a share amounts on the registration.

The company’s registered capital amounted to £ 10,000,000.00 and 5,000,000 shares were issued.

Why didn’t u mentioned the EDRCoin? Which is the strategic partner of EDR.

EDR can be withdrawn at anytime on the platform with no restrictions into EDRCoin(into ur EDRC wallet). And the EDRC is currently the 11th ranking of world 24hr volume. (Daily transaction volume of EDRC is 1.3 million USD).

So I assume EDR can be a mining of EDRC and push up its amount and transfer volume, so that the EDRC’s price would go up with more people involved in this game. Then EDRC could be an outlet for the EDR platform’s inflation. Pls comment. Thx.

We are glad to announce that E-DINAR has been adopted as a new economic business model. This decision was approved at the Global Blockchain Summit holding in China on June 22-24.

Within the working period of E-DINAR p2p platform, its growth has extremely increased.

Noteworthy that the founder and developer of our partner company EDRCoin Charles Cheng went out of the miner team and is no longer being a participant of the project development.

E-Dinar community has decided to move on from the partner EDRCoin currency towards the development of its own E-DINAR Coin currency.

E-DINAR Coin is a special currency with a unique code, which provides the ability to pay with a discount for any goods and services all over the world and allows to make and develop your own projects on the basis of the cryptocurrency.

You can also keep E-DINAR currencies on your web wallet, which occurs mining processes that allow to getting bonuses in the amount of 0.65% per the exchange day. You can download your web wallet on Macintosh or Android, as well as to print a paper wallet and put into your safe box.

Noteworthy mining processes are only valid in a web version, but using the other versions you are able to earn currency on the growth of the exchange rates setting on the cryptocurrency exchanges, buying and selling it as a trader.

You can use your social network, e-mail and phone number for signing up on the web version. E-DINAR has its own p2p exchange platform where you can carry out your transactions using all international currencies, payment systems and cryptocurrencies.

Internal p2p exchange has its own IP and is being recommended on coinmarketcap.com/, the international top exchange, which allows to use E-DINAR currency for paying on its websites.

Moreover, in the case of loss of funds while exchanging with the counterparty the p2p system compensates the funds on your web wallet and provides security to avoid frauds on the exchange thanks to the security model of identification, so be sure that your personal information is strictly confidential!”

The purchase cost is fixed at $1. Where are they finding the funds to cover 20% a month flat rate bonus + referral bonuses?

We will never make an offer to exchange currency through the direct transfers.

That’s not so much an exchange as a private trading platform between members. The limited selection of cryptocurrencies (most of which are actually payment processors) suggests whoever owns it is actually an E-Dinar affiliate.

Show me one legitimate and mainstream cryptocurrency exchange (Alexa ranking less than 50,000) featuring EDR.

Oz is not gonna get any gain in going against e-dinar, so that’s why i respect all what he is been saying here. And thanks to you because i wont be able to do all this findings myself, and for me that i have fell into such pit before i wont want to fall into it again (like AUTOMATICMOBILECASH) they ran away with my money.

Although for what I understand about all this things is that, people may still be getting their withdrawal as far as new investors is coming-in and some people may make it from them but its not gonna last.

Lastly, is 99% clear that e-dinar is a scam, I will rather lose my money to Forex or binary brokers that is well regulated and registerd than to someone i don’t know and i can’t trace to anywhere. Big Thanks.

As for it being a ponzi scheme? No, I don’t think this one is as it’s cyrpocurrency and to earn money from the business you do not need to invite referrals to earn.

See that does not justify that e-dinar is not fake, because automobilecash too offer such services by making money through referral or not referal at all and at the end of the day they still ran away with my money.

Not only my money my wife’s money and all my WhatsApp group followers i introduced to it. In fact it pains me alot.

After doing extensive research into E dinar MMM and One coin any one would be foolish to not consider all first come opportunities.

Sure you will make money at the front door but if you stay the night and relax in the comfort of these doll houses you will find your self flat on your back.

Now I think the world has a place for good MLM opportunities but Crypto is one that you dont want to mess with unless your happy to take the risk and to tell all that you invite that this baby will die at any time so enter at your own risk.

My question is simple not that these guys have great intention but is it possible after building a network of lets say a few million people to use that leverage to create confidence in the Crypto currency community.

I’m thinking can this strategy work since MLM has been used to create growth and if the product is confidence and creating a demand then is it not possible for 2 million people in a closed community through MLM create value so that exchanges will integrate what was a internal private ponzi coin.

Sorry your answer does not make a lot of sense. You said the e dinar coin is back office Monopoly money and does not really exist? (Ozedit: No I said your backoffice points are monopoly money. Derail attempts removed.)

This is the last time I’m going to say this: What happens outside of E-Dinar has nothing to do with the points in your backoffice.

When you invest in E-Dinary, they give you points. These points have a represented backoffice value, which is incorrectly reported by affiliates as real money.

The points are completely worthless, unless they are converted to pre-mined EDR coins (pump and dump mined by the E-Dinar admins). EDR Coin itself is practically worthless and approaching a value of $0 (the only people trading it are E-Dinar affiliates).

If you don’t understand that, that’s not my problem.

Any further attempts to derail by crapping on about what you can do with EDR obtained outside of the E-Dinar MLM opportunity will be marked as spam.

Still not satisfied with the answer but we’ll leave it to that. My understanding is completely different.

Myself along with my team make a killing from e dinar. It is an absolutely massive opportunity and it has not even started yet. It’s only for the ones who understand this business. Thank you for your responses and have a good day :).

You saying that even passively since September people have made more than 3 times or more than they invested in e dinar coin since the coin was launched on the blockchain. We shall let time do the talking 🙂

And when you invest in e dinar the company does not give you points. You buy the coins from real time sellers on the exchangers

No you don’t, because that’s not how legitimate public exchanges work. Public exchanges aren’t attached to the E-Dinar MLM opportunity.

You get points, which you convert to EDR (pump and dump coins premined by the E-Dinar admins).

The trade volumes are increasing with time. And as we all know the success of any cryptocurrency on the blockchain is to do with supply and demand solely as it is with Bitcoin.

The public value of EDR is dropping (as all pump and dump MLM altcoins do). There is no legitimate use for the coin so there’s no supply and demand outside of the income opportunity (desperate affiliates).

You saying that even passively since September people have made more than 3 times or more than they invested in e dinar coin

Myself along with my team make a killing from e dinar. It is an absolutely massive opportunity and it has not even started yet. It’s only for the ones who understand this business.

I’m sure someone’s team have made a killing. Does that make it legit and a good investment?

A 2.5 BILLION premine “coin” which was pumped in extremis last August in order to deliberately steal millions from users, thru a pre planned scam set up involving conversion of the original e-dinar into EDR.

Still under total control of the criminals that own the pre-mine, it’s just used as an eke out dumping ground now that the main theft has taken place, the price manipulated with fake volume.

Anybody ask why EDinar’s own exchange is doing $300k a day at $1, whilst the real (comparatively speaking) world is trading at 55 cents?

Problem with these comments is that they are based on this old review. A lots changed and you earn more edr passively in the back office. 0.65% per day on your wallet balance.

You can send these coins from your wallet to an exchange instantly and sell them for btc. There are no points etc just edr coins.

For example. If I bought 100 edr on the exchange on Friday and put them in my edr wallet the same day, on Saturday I get 0.65 edr added to my 100 coins and then 0.65% of 100.65 edr added on Sunday. Same again today and again tomorrow etc. At anytime I can send these coins back to the exchange and sell them.

Yoyo:
For example. If I bought 100 edr on the exchange on Friday and put them in my edr wallet the same day, on Saturday I get 0.65 edr added to my 100 coins and then 0.65% of 100.65 edr added on Sunday. Same again today and again tomorrow etc. At anytime I can send these coins back to the exchange and sell them.

In terms of proving legitimacy, this is on par with ponzi victim statements like “They’re paying regularly”.

I can and have bought EDR from Livecoin, then transferred it to my Edinar wallet which then earns me 0.65% per day. I can and have then transferred EDR back to the Livecoin exchange and sold them for Bitcoin.

It’s all a bit pointless discussing anyway because it’s changed so much since this article.

Perhaps a new one is required with all the updates.

I’m aware that there is still some form of affiliate option, but all I use is the EDR wallet for earning a daily profit and the exchange sites to buy and sell EDR for more profit.

EDR in the EDR wallet are valued and capped at $1 and on the exchange they are valued around 60-70 cents. Obviously if the value in the exchange sites like Livecoin go above $1 I will buy EDR from the EDR wallet for $1 and sell on the exchange to make a profit, but for now it is the other way around.

this scam isn’t even original enough not to name itself after another huge scam of actual, existant currency (and not some fake pretend currency that doesn’t exist) that’s been around for ages. dumbass.

Awww whip seems like you really got whipped by edinar scam in the past. Awwww…i joined last year. Got compensated and started again got folks invited in this scam and now im making around 300 a day with this scam.

Not only… i just went to the cash machines and took out 3000 quid to scam more. Let me make more money out from this scam so sushhhhh lol.

After the E Dinar crew pretended to Yobit that they had been scammed (which is what probably persuaded them to ROM it) Yobit now don’t believe them after no evidence was provided and appear prepared to doxx the E Dinar scammers themselves: